【October 22】 $XAU
The daily chart is still consolidating and remains very weak, forming a converging triangle within a range.
The 4-hour chart is similarly yet to break out. Yesterday, price filled the lower 4-hour bullish gap at 4107 and then rebounded, but the move was also very weak.
The 1-hour chart is no different. Watch the triangle’s upper and lower boundaries, as well as those of the sideways consolidation. To the downside, watch whether the gap at 4090, which coincides with the rising trendline, provides support. A small rebound may be possible on the left side, but overall there is no sign of strength on the right side of the chart for now. #Gold
The daily chart is still consolidating and remains very weak, forming a converging triangle within a range.
The 4-hour chart is similarly yet to break out. Yesterday, price filled the lower 4-hour bullish gap at 4107 and then rebounded, but the move was also very weak.
The 1-hour chart is no different. Watch the triangle’s upper and lower boundaries, as well as those of the sideways consolidation. To the downside, watch whether the gap at 4090, which coincides with the rising trendline, provides support. A small rebound may be possible on the left side, but overall there is no sign of strength on the right side of the chart for now. #Gold